PwC Opens Office in Kazan

Date: 21-12-2007
Source: Reuters

PricewaterhouseCoopers (PwC) officially opened its office in Kazan, capital of Tatarstan. PricewaterhouseCoopers is the first of the Big Four international accounting firms to open an office in the republic, reported the press-centre of PricewaterhouseCoopers.

PwC has been working in the region for many years, serving companies such as Kamaz, Ak Bars Bank, Tatneft, Nizhnekamskneftekhim and Tatfondbank, and the opportunity to establish an office arose earlier this year. After a meeting with Prime Minister Rustam Minnikhanov in May, PwC committed to open an office in Kazan by the end of 2007.

We have decided to open an office in Kazan for a number of compelling reasons, commented Peter Gerendasi, Managing Partner of PricewaterhouseCoopers in Russia. First of all, we provide audit and advisory work with Tatarstan's largest companies, and it is important for us to be closer to our clients. Second is the huge economic potential of the region, and we want play our part in supporting the republic's efforts at events around the world to attract foreign investment, and to provide on-going support to foreign companies investing in Tatarstan. PwC will seek to support major infrastructural investment projects in the republic in such areas as roads construction, and logistics development, biofuel technology and business parks.

Yesterday's round-table discussion at Tatarstan's Ministry of Economy addressing Private Investment In Infrastructure/PPPs provides an example of PricewaterhouseCoopers cooperation in the infrastructure sector.

Joint work is also under way in raising finance. Specifically, Marat Rashitovich Safiulin, Tatarstan's Minister of Economy, and Staley Root, Leader of PwC Kazan Office and Head of CEE Automotive Assurance Practice, will go on a joint visit to Stuttgart, Germany, in February 2008. The conference they are attending will explore the potential of the Russian automotive sector where speeches will be made in support of investment in the automotive industry in the Republic of Tatarstan. The conference will also be an occasion for a number of meetings with potential investors.

Education is another area of interest for PricewaterhouseCoopers' in the region. During the past year, PwC has worked with local universities to establish working relationships in education programmes and recruitment. PwC also plans to offer training courses in financial skills and modern management techniques both for local businesspeople and government officials — representatives of ministries and government agencies.

Stanley Root, Partner at PricewaterhouseCoopers and who will be managing the office in Kazan, commented on development plans in Tatarstan:

PwC's Kazan office will be staffed initially by some 20 professionals. Our plans are to expand rapidly in the coming period to provide a full range of services to our existing clients, including tax and consulting advice as well as Russian and IFRS audit.

As part of the PricewaterhouseCoopers corporate social responsibility programme, aid will be given to the Kazan-based Rehabilitation Centre for Disabled Children and Teenagers. As the initial step, a specially equipped bus will be acquired. A number of further initiatives are also planned whereby Kazan-based PricewaterhouseCoopers employees will volunteer for children-oriented events.

PwC office in Tatarstan is located on the top floor of the brand new Bulak business centre, situated in the heart of Kazan. It can accommodate up to 100 people and has modern meeting and training facilities.

PricewaterhouseCoopers has operated in Russia since 1989 and in that time has become the largest professional services organisation in the country. The firm employs over 2,000 professionals in its offices in Moscow, St Petersburg, Togliatti, Yuzhno-Sakhalinsk — and, now, in Kazan as well.